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Silver steadies above $59 as dollar softens after Fed minutes
Silver was last at $59.13 after bouncing from $57.22 lows, but the metal’s near term bias remains bearish with targets down near $55.6 to $55.7.
Silver prices were trimming losses Thursday, moving to session highs just above $59.00 after rebounding from $57.22 lows the prior day, according to FXStreet. The bounce followed a pullback in the US dollar, which the outlet said has provided support to battered precious metals.
FXStreet linked the dollar softness to the Federal Reserve minutes, which reiterated the Fed’s commitment to fighting inflation while leaving markets to weigh the timing of any next rate hikes. It also pointed to continued Iran and US tensions, noting that comments from President Donald Trump suggested both sides may return to negotiations.
Despite the recovery, the analysis maintained that silver’s broader trend remains bearish, with the pair trading at $59.13 while holding about halfway through the last two weeks’ range. Technical indicators cited by FXStreet included a neutral four hour RSI reading of 45.3 and a negative MACD, implying downside momentum is still present.
On the downside, FXStreet flagged support in the June 24 and 26 lows area at $55.60 to $55.70, followed by $51.40 from a 127.2% Fibonacci retracement and $48.64 tied to late November 2025 lows. On the upside, it said silver would need to reclaim Wednesday’s $61.00 highs and the July 6 level around $62.50 to ease immediate pressure.
Latest closeSilver $57.33 ▼2.0%